Holcim Philippines net quarter down 7.5% YoY

Holcim Philippines Inc said Monday second-quarter net profit was down 7.5 per cent YoY, hurt by rising expenses.

Holcim said the April-June quarter net profit declined to PHP1.5bn (US$33.5m) from PHP1.65bn in the year-earlier period. Second-quarter revenue rose 6.8 per cent YoY to PHP9.42bn, around half the pace of the 12 per cent YoY increase in expenses to PHP7.29bn.

In the first half, net profit was down 8.9 per cent YoY to PHP3.03bn even as revenue increased 7.3 per cent to PHP18.10bn because of the early implementation of plant maintenance and increased usage of more expensive imported clinker in the first quarter.

Holcim remains bullish on the outlook for the industry as demand for cement remains high because of healthy construction activity nationwide.